US oil deal promises a flood of investment in Venezuela. When will its people feel the benefits?
Doubts and challenges The US government signed the deal with Venezuelan company North American Blue Energy Partners (NABEP) to develop 17 oil fields with an estimated potential of about 65 billion barrels of crude.
As the country with the world’s largest proven reserves of crude oil, some analysts expect Venezuela to reap some benefits from foreign investment even before it begins to increase production.“It requires electrical infrastructure that does not exist in the country today and needs resources, investment, technology and, especially, an entire support workforce in surrounding clusters, which undoubtedly has a huge multiplier effect on the economy,” said Venezuelan economist Luis Vicente León, president of the consulting firm Datanálisis.
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